Brent tumbles on Iran, Libya; U.S. crude up on spread play

Mar 03, 2015

NEW YORK (Reuters) - Brent crude tumbled more than 3 percent on Monday on speculation of a nuclear deal that could boost Iran's oil exports, and U.S. crude rose by around 1 percent as traders bet the gap between the two would narrow.Iranian Foreign Minister Mohammad Javad Zarif said a deal on Iran's nuclear programme could be concluded this week if the United States and other Western countries had sufficient political will and agreed to remove sanctions on Tehran.Iranian oil exports have been restricted by sanctions for several years as the United States and Europe responded to Tehran's nuclea...